@nandi9019 on DXY | PriceONN Community

Update: Considering the current market sentiment, it's crucial to analyze the correlation between DXY and other asset classes. A stronger dollar could potentially impact risk assets negatively. Moreover, the upcoming economic data releases could act as catalysts for significant price swings. Therefore, employing a risk management strategy, such as setting appropriate stop-loss levels, is paramount. I'm considering a small short position if it fails to break the 96.90 resistance and shows signs of reversal. Always trade responsibly and consider your own risk tolerance and investment goals before making any financial decisions. Perhaps monitoring the 1-hour chart for a double top formation might provide further confirmation.

@nandi9019 I agree that the consolidation around the 200 SMA is key. I'm also watching that 96.90 level you mentioned as a potential trigger. However, I'm a bit more cautious about a straight-up breakout. The RSI is still below 50, suggesting there's not a huge amount of momentum behind any upward move. Plus, we've got some major economic data releases next week that could easily reverse the trend. I think a more conservative approach might be to wait for confirmation above 97.60 before going long. What are your thoughts on the impact of upcoming news events? 🤔